Ohio State Life Insurance Company

Ohio State Life Insurance Company

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Fixed annuities, also referred to as multi-year guaranteed annuities (MYGAs), along with other names, are insurance products that earn a fixed rate of interest after a single premium payment.

Ohio State Life offers a suite of MYGAs powered by their product innovation partner, NexAnnuity. Their Nex MYGA products are offered with a range of guarantee period options that, along with other flexible features and available riders, can be tailored to meet your specific needs.

Why Ohio State Life Annuities?

Ohio State Life entered the fixed annuity market by storm. They have some of the best MYGA rates on the market, and their commission is the highest out of any carrier we currently offer.

  • Rates are some of the best in the MYGA space
  • Commission is the highest we have – all ages through age 80
  • Partnership with investment advisors managing $10.1 billion in assets and FDIC-regulated bank with $8.5 billion in assets

The Ohio State Life Insurance Company is a legacy American insurance business established in 1906. Today, Ohio State Life works with product innovation partners like NexAnnuity to deliver unique annuity offerings.

As a result, Ohio State Life annuity products are powered by the skills and sophistication of a multibillion-dollar global investment platform.

Death Benefit Options

If you don’t select the rider, death benefit options include:

  • Spousal continuation
  • If no spouse, accept surrender penalty and take lump sum
  • If no spouse, defer the death claim “up to” 5 years; this allows most to reach the end of the surrender. Then, collect full value (continue at contract rate).
  • If no spouse, annuitize for 5 years or longer for full value

State Availability

Ohio State Life Product Availability

Last updated April 21, 2020

Nex MYGAs: Ohio State Life Fixed Annuity Products

Nex MYGAs are single premium deferred annuity products offered by Ohio State Life in 3-, 5-, 7-, and 10-year guarantee period options.

The Nex MYGAs offer the following benefits:

  • Free withdrawal provision (rider): Owner can withdraw up to 10% of the accumulated value each contract year
  • Death benefit (rider): Beneficiary receives the surrender value or accumulated value
  • Annuitization: Owner has the flexibility to choose payout of income over lifetime or defined period
  • Terminal illness & nursing home (rider): Owner can access accumulated value of the annuity, with no surrender charge
  • Issue ages: 0-80 (age last birthday of owner)
  • Premium: Minimum is $10,000 (Over $1 million with home office approval)

New to Annuity Sales?

Annuity sales are a huge opportunity for independent agents in the senior market. If you want to learn how to sell annuities to seniors, you've come to the right place!

Check out our complete guide here: The Ultimate Guide to Selling Annuities In the Senior Market

Also, check out this video from annuity all-star, Michael Sams: